S&P revises Russian outlook to negative; rating is BBB

Standard & Poor's on Thursday revised the outlook for the Russian Federation to negative from stable on rising geopolitical and economic risks. The rating agency affirmed Russia's BBB foreign currency rating.

"The outlook revision reflects our view of the material and unanticipated economic and financial consequences that EU and US sanctions could have on Russia's creditworthiness following Russia's incorporation of Crimea, which the international community currently considers legally to be a part of Ukraine," S&P said in a statement.